Sainsbury's Loans

153 reviews

2.8% Representative

Will lend between: £1,000 - £40,000

Over: 12 - 84 Months

Representative example: If you borrow £10,000 over 60 months at a Representative rate of 2.8% APR and an annual interest rate of 2.8% (fixed), you would pay 60 monthly instalments of £178.64. The total charge for credit will be £718.40.

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Sainsbury's Loans customer reviews.

153 reviews

2.1 out of 5 stars

APR not as advertised
12:35 03-05-2017
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Wanted to borrow £10k. Never been in debt , own my own house, jobs pays well above average , never defaulted on a payment.... so was expecting the 2.9 % advertised but this was declined without a reason given? Oh well! The mortgage lender it is......

Euan Donald

11:21 05-06-2018
ImageSmart Money People

Very good........................


Very Slow and Paper Based
16:49 24-03-2017
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Rate was good but very slow, loan accepted and then waited 3/4 days for paperwork to sign, returned first class but it was five working days before they received the form. Although I don't have the money, to cancel I have to return it when paid to me as apparently they can't cancel the payment now. Customer Service is poor and there are very few confusing updates given throughout the process. I wouldn't recommend using them unless the loan isn't time critical (like when buying a car). I applied for a loan with another company at a comparable rate, electronically signed the forms and received payment the next day.


Slowest loan on the planet
16:30 25-05-2018
ImageSmart Money People

In this digital age, with excellent credit rating you’d expect to apply and get your money within a working week. Not at Sainsbury’s. I really wish I could go elsewhere but I’m stuck waiting to get the money for nearly 2 weeks unless I want my credit rating to take a big hit. Not impressed. 


No good
16:28 12-03-2017
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waited 5 days for paperwork and nothing came through called them and then they said sorry you haven't been accepted for the loan... i was not sent anything to tell me this so i was waiting on paperwork which would never have come and would never have known if i hadn't called.


22:13 05-01-2018
ImageSmart Money People

I have had several loans from Sainsburys Bank, always a straightforward process and a good experience even where making early settlements

Mark Allsopp

Don't bother
16:11 14-02-2017
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Despite having an exemplary credit score, the loan APR went from 3.1% advertised rate to 6.8% on the paperwork. A complete waste of time. It can only be false advertising. Don't waste your time on even applying!

Colin Eadie

Worst Bank experience ever!
11:49 21-11-2017
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The worst service I have ever had from a bank! I applied for a loan online on a Friday which was immediately approved in principle. I was slightly disappointed that they needed to post out documents (supposedly first class) to me to sign and I had to return them for me to receive the loan. On Saturday I received another email stating that they could not offer me the advertised 2.7% APR rate but my offered rate would be in the documents they had posted. Once I returned the documents they would process the loan and the money would be in my account in 3 – 5 working days. So much for instant online trading. Nothing arrived in the post on Saturday, Monday or Tuesday however I received an email on Tuesday stating they needed more information in order to process the loan. I rang the number provided to be told the loan was with underwriting as I was self employed. I was eventually told I had been declined, even though I have a credit score of 999 and have never defaulted on anything in my life! I only picked Sainsburys as they had the lowest rate on Money Saving Expert who I trust. I will be going to a proper bank now instead of cowboys who should stick to selling bread.

Ian Isitt

Don't be put off by some reviews!
13:55 10-02-2017
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Before applying for my latest loan I checked out some Sainsbury's reviews, mostly bad on here. I have has Sainsbury's loans before and have a good credit score so thought I would give it a go. £19999.00 over 60 months @ 3% 'agreed in principle' email within a couple of hours as applied for, paperwork within 2 days at the agreed 3%, signed and sent back same day, funds released 2 days later! Can't recommend them enough, and I have not even needed to contact them!


Old school loan
07:20 01-07-2017
ImageSmart Money People

My loan with Sainsbury's was at a fantastic rate, so really chuffed with that. But setting up was a little more daffy than I'd have liked, and involved confusingly worded emails and posted letters. It all felt a bit old school waiting for things in the post. Emails looked basic which always makes me question the validity of the sender in this world of identity fraud.

Mike Johnson

Our review of Sainsbury's Loans

Usually associated with decent priced, quality food, Sainsbury’s also offer personal loans between £1,000 and £40,000. Their representative APR is one of the cheapest on Choose Wisely, so it should come as no surprise that you will need to have good credit history to apply. The application process can take a bit longer than other lenders out there; once approved, customers will receive their agreement in the post, sign and send it back. Once Sainsbury’s have received this it can then take three to five working days for the funds to appear in your account.

Monthly repayments are fixed, unless customers choose to overpay. If this is the case, then you will need to speak to Sainsbury’s who may then provide you with a lower interest rate than you originally took out. There is no charge for this, although if you did want to make an early settlement payment then you’ll be charged 58 days’ interest, so if you’ve only got a couple of months left then consider whether you actually want to do this, or to just finish the loan as planned. Unlike some other more well-known lenders, Sainsbury’s give their customers less online control of the loan, to find out how much you have left on your balance, you’ll need to call their telephone team rather than simply logging in.

On Choose Wisely Sainsbury’s have a good OPTIOSCORE of 85 and a rating of 3 stars out of a possible 5. Some customers feel that they experienced poor service from Sainsbury’s and found the lengthy postal process inconvenient as they are possibly used to things being done online, especially if the end decision is a decline. For customers that are pleased with the experience, they comment on the affordable interest rate, brilliant phone team and smooth process.

Overall verdict: It seems that if you have good credit history and don’t mind a more traditional postal application process then Sainsbury’s could be worth considering. Their competitive interest rate is attractive and you do have the comfort of going with a well-known name. One thing to watch out for is that if you do prefer to do things online with speed, then you may find this archaic process quite frustrating.

Written by: Alex


  • 2 month repayment holiday at the start of the loan available
  • Dealing with a household name
  • Better rates for Nectar card holders
  • Price promise on like for like-for-like loans

Minimum criteria

  • You must be aged between 18 and 80
  • You will need to be aged less than 83 when the loan is repaid
  • You must have a UK bank or building society account with Direct Debit facility
  • You must have a permanent UK address
  • You must have a household gross income of at least £7,500
  • No CCJs or bankruptcy


  • Maximum APR 25.2%
  • Arrangement fee: £0
  • Early repayment fee: £5
  • Late payment fee: £25

About Sainsbury's Loans

Sainsbury’s offer unsecured personal loans between £1,000 and £40,000 over loan terms ranging from one to seven years. Their advertised representative APR is very low, however they will provide a tailored rate which takes into account the amount borrowed, loan term and personal circumstances, so you may not receive their advertised rate. To apply with Sainsbury’s you will need to have good credit history and have a gross household income of at least £7,500 per year to ensure you can afford to make the monthly repayments.

When completing the application online or over the phone, you will need to have documentation with you to speed up the process. You’ll need to have your residential history for the past three years, bank details, your monthly incomings and outgoings, employment details and your Nectar Card number if you have one. Although you don’t need to have a Nectar card to apply, you may benefit from slightly better rates if you do have one.

There are no arrangement fees and customers can choose to take a two month repayment holiday at the start of the loan, although you will still be charged interest during this time. Customers are able to settle their Sainsbury’s loan early, however there is a charge of 58 days’ interest to do so.

Company information

Registration number: 03279730

3 Lochside Avenue, Edinburgh, Mid Lothian, EH12 9DJ

FCA registration

Reference No: 184514

Trading names: Sainsbury's Bank PLC

Place of business: 33 Holborn, London, EC1N 2HT

Data protection registration

Registration No: Z760781X

Data controller: SAINSBURY'S BANK PLC

Address: 33 Holborn, London, EC1N 2HT

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